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Finance Basics - White Room Session

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Finance Basics - White Room Session

  1. 1. The Business of Being in Business<br />
  2. 2. WORK BASED REVIEW<br />The aim of the module is to review and learn about<br />the key financial controls used in a creative<br />business and how they support management and<br />project decision making<br />
  3. 3. MONEY<br />
  4. 4. What's the definition of an accountant? <br />Someone who solves a problem you didn't know you had in a way you don't understand. <br />
  5. 5. The Business of Being in Business<br />How Businesses Work<br />
  6. 6. THE BUSINESS MODEL<br />VISION<br />MISSION<br />VALUES<br />BEHAVIOURS<br />OBJECTIVES<br />STRATEGIES<br />KNOWLEDGE<br />SKILLS<br />
  7. 7. LINKING FINANCE TO BUSINESS<br />VISION<br />MISSION<br />VALUES<br />BEHAVIOURS<br />BUDGETS<br />CORE AREAS IN WHICH ANNUIAL BUDGETS ARE SET AND MONITORED<br />OBJECTIVES<br />STRATEGIES<br />KNOWLEDGE<br />SKILLS<br />
  8. 8. THE BALANCED SCORECARD<br />
  9. 9. THE BALANCED SCORECARD<br />
  10. 10. The Business of Being in Business<br />Finance in Business<br />
  11. 11. MONEY<br />Money does two things in business. <br />It comes in…<br />…and it goes out<br />
  12. 12. THE KEY ACCOUNTS<br />Balance Sheet<br />Profit and Loss<br />Cash Flow<br />
  13. 13. A BUSINESS REALITY…<br />
  14. 14. The Business of Being in Business<br />The Balance Sheet<br />
  15. 15. THE BALANCE SHEET<br />The purpose of a balance sheet<br /><ul><li>The purpose of all balance sheets is to give a statement of net worth at any point in time
  16. 16. Contains assets and liabilities</li></li></ul><li>BALANCE SHEET ACTIVITY<br />
  17. 17. At 31 January 2009<br />2008 2007<br />
  18. 18. The Business of Being in Business<br />The Profit and Loss<br />
  19. 19. THE PROFIT AND LOSS<br />The purpose of a profit and loss<br /><ul><li>A profit and loss account shows just how profitable (or not) a business has been over a set period
  20. 20. Turnover less costs</li></li></ul><li>PROFIT AND LOSS ACTIVITY<br />
  21. 21. RDF MEDIA PROFIT AND LOSS<br />
  22. 22. The Business of Being in Business<br />Cash Flow<br />
  23. 23. CASH FLOW<br />The purpose of cash flow forecasting<br /><ul><li>It's a 'live' document and an essential planning tool from which you estimate future income and expenditure
  24. 24. All forecasted income less expenditure plus cash in the bank</li></li></ul><li>
  25. 25. KEY ACCOUNTS IN FINANCE<br /> Balance Sheet<br /> Profit and Loss<br /> Cash Flow<br />The Past<br />The Present<br />The Future<br />
  26. 26. THIS MORNING<br /><ul><li>Cash in, cash out
  27. 27. Balance Sheet
  28. 28. Profit and Loss
  29. 29. Cash Flow Forecast
  30. 30. You manage your finance</li></li></ul><li>LUNCH<br />
  31. 31. The Business of Being in Business<br />Budgeting<br />
  32. 32. A BUDGET<br />A budget is a plan of what you need to spend on a specific project, activity or service.<br />
  33. 33. SETTING BUDGETS<br /><ul><li>Involve people
  34. 34. Be realistic
  35. 35. Know your facts
  36. 36. Consider fixed and variable costs</li></li></ul><li>FIXED AND VARIABLE COSTS<br />COST<br />VARIABLE COSTS<br />FIXED COSTS<br />VOLUME<br />
  37. 37. BUDGET ACTIVITY<br />
  38. 38. BUDGETING<br /><ul><li>Involve people
  39. 39. Be realistic
  40. 40. Know your facts
  41. 41. Fixed and</li></ul> variable costs<br /><ul><li>Review, react</li></ul>and revise<br />budgets<br />
  42. 42. The Business of Being in Business<br />Finance in Action<br />
  43. 43. The Business of Being in Business<br />Value for Money<br />
  44. 44. RETURN ON INVESTMENT<br />Return on Investment (ROI) is a<br />measure of the profit earned<br />from each investment made in<br />n activity or project<br />
  45. 45. RETURN ON INVESTMENT CALCULATION<br />(Total Profit – Investment)Investment<br />
  46. 46. The Business of Being in Business<br />Module Review<br />
  47. 47. TODAY<br /><ul><li>Cash is King
  48. 48. Balance Sheet
  49. 49. Profit and Loss
  50. 50. Cash Flow Forecasting
  51. 51. Budget Management
  52. 52. Being able to use the information</li></li></ul><li>"When I asked my accountant if anything could get me out of this mess I am in now he thought for a long time and said, 'Yes, death would help'.“Robert Morley<br />
  53. 53. The Business of Being in Business<br />info@skillschannel.tv<br />

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